of-the-art technology to explore for new oil in the Kingdom, is expected to increase the current estimations in the proven areas. He said the Kingdom's production capacity, given the current rate of production of 9.5 barrels per day, will last for at least 80 years and might be extended to 100 years if we take into consideration, the possible, probable and likely reserves. The world's surplus production capacity was more than 12 million barrels per day in 1986 and was reduced to the current level of two million barrels per day. Although very costive, the surplus production capacity in the Kingdom was given utmost priority as it was considered a corner stone of world oil market stability, Alnaimi said, adding that the Kingdom's utmost production capacity amounted to nearly 11 million barrels per day of crude oil out of which the surplus production capacity represents 1.5 million barrels per day and this doesn't include natural gas liquids and condensates which exceed one million barrels per day. --More 2348 Local Time 2048 GMT
